Mineola Sales Prices & Volume - Reality vs. MLS - Trust the Deeds not the MSL Reports

By
Real Estate Appraiser with David V. Farrell Co.


ACTUAL SALES DATA - ONE-FAMILY HOUSES IN MINEOLA

GOOD NEWS - NO DOWNTURN MONTH-OVER-MONTH IN PRICES

JULY OF 2011 HAD A HIGHER AVERAGE SALES PRICE THAN AUGUST, SEPTEMBER AND OCTOBER OF 2010

AND PRICES PAID PER SQUARE FOOT OF HOUSE SIZE HAS REMAINED FAIRLY CONSTANT

 

SHOWN IN THE FOLLOWING GRID IS A MONTH-BY-MONTH BREAKDOWN OF SALES OF ONE-FAMILY HOUSES IN MINEOLA THAT SOLD FOR MORE THAN $100,000.  THAT MINIMUM WAS CHOSEN SO THAT FAMILY SALES AND OTHER ARMS-LENGTH SALES WE NOT INCLUDED. THESE ARE THE ACTUAL SALES.  BELOW THIS GRID IS A COPY FROM OUR LOCAL MLS OF WHAT ONE WOULD FIND IF THEY RELIED SOLELY ON MLS DATA.  REMEMBER, MLS ONLY SHOWS INFORMATION FROM BROKERS' SALES, NOT PRIVATE SALES.

MINEOLA SALES DATA FROM AUGUST OF 2010 THROUGH JULY OF 2011 - SINGLE-FAMILY HOUSES ONLY

ACTUAL SALES DATA FOR MINEOLA, NY 8/10 THRU 7/11

The figures in this graph were created in an Excel chart by the author and culled from all sales in Mineola as recorded and reported by CoreLogic's Win2Data property record database.  All sales data are based upon actual filed deeds.  CoreLogic acquired the Win2Data system from First American Real Estate Solutions.  The author (me - David V. Farrell) has been a subscriber to Win2Data and its pre-computerized predecessors for more than 20 years.  None of the information shown above (or in the graph below) is based upon or reliant upon accurate reporting from Realtors, and all sales are included, not just those brokered within the MLS of Long Island.

In graphical format, it will appear that the fluctuation in sales prices month-over-month is fairly high.  However, the worst month had average sales prices of $392,444 and the best month sales prices average $454,000.  This is merely a 15% range from top to bottom, and the worst month is less than five percent below the average for the year, while the best month was 11 percent above the average.  However, on a Price per Square Foot Basis, sales ranged from $263 per square foot in April of 2011 to a maximum of $328 in November of 2010.  The range is 25%, but prices paid per square foot is highly dependent on house sizes. 

Larger houses sell for a lower price per square foot than smaller houses in almost every part of Long Island (and the rest of the nation) as larger houses have added area to heat, cool, maintain, insure and on which they area taxed. 

Here is a graph of the average sales prices month-over-month over the same time period as in the gird shown above:

Average Monthly Sales Price for One-Family Houses in Mineola

 

A perusal of the same data on our local MLS wold have provided the following summarized results:

According to a search done August 12, 2011 by me (same guy as above), there were only 76 sales.  They had an average sales price of $420,408.  As such, MLS missed 8.4% of the actual sales activity.  In addition, their average sales price reported is $8,819 higher than the true average and is off by more than 2%.  This might not seem important, but a national rise or fall of 2% in Market Value would, effectively, add or remove billions of dollars in value.

The interesting facts worth culling from the MLS statistics is that of the 76 houses on which they report, the average number of days on the market was 96 (3 months), and the average Real Estate Taxes were $7,496. 

IF YOU WANT TO FIND OUT ACTUAL VALUES - CALL A REAL ESTATE BROKER WHO IS ALSO A NEW YORK STATE CERTIFIED GENERAL APPRAISER.  DAVID V. FARRELL, BROKER OF VILLAGE PROPERTIES OF MINEOLA, APPRAISER & AUCTIONEER.  516-741-7350.  Cell #516-987-3329.  Thank you.

visit www.longislandvillageproperties.com and/or www.livillageproperties.com

 

Note: I have re-submitted this blog in its original form.  Initially, I had posted it and clicked 'This is not my content by I hve permission to repost it."  I did that before I read what it meant when I clicked that button.  I meant I had utilized data from research companies.  However, I pay thousands of dollars per year for the raw data as an appraiser, and I pay for the rights to re-cast the data in any way that best serves me and my clients.  So, it is in no way a re-post.  To the best of my knowledge, nobody has created a chart or grid like the one I spent well over two hours perfecting yesterday and today.  If anyone has any ethical issues with that - let me know.

Posted by

________________________________________________________

David V. Farrell, Broker/Owner

Long Island Village Properties

NYS Certified General Appraiser - #46-16371

David V. Farrell Co., Auctioneers & Appraisers

167 Mineola Boulevard

Mineola, New York 11501

p. (516) 741-7350

c. (516) 987-3329

e-mail: david@davidvfarrell.com

Village Properties Logo

 

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